City Pub Group PLC (The) Year End Trading Update (5153Z)
13 Enero 2020 - 1:00AM
UK Regulatory
TIDMCPC
RNS Number : 5153Z
City Pub Group PLC (The)
13 January 2020
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
The City Pub Group plc
("The City Pub Group", the "Company" or the "Group")
Year end trading update
Trading Update
The City Pub Group, the owner and operator of 47 premium pubs
across Southern England and Wales, announces its year end update
for the 52 week period to 29 December 2019.
Total turnover for the year was GBP59.8m, an increase of
approximately 31% on the prior year. Like for like sales were up by
1.7%. The board is pleased with the overall performance of the
Group for 2019.
Having traded well over the majority of the year, frustratingly,
a number of one-off factors combined in the latter part of Q4 which
subdued trading over the important festive period. The Rugby World
Cup did not have the impact that we expected. Political uncertainty
culminating in the December Election held back sales until the
result was known and unhelpful weather during November and December
dampened trading further. There were also disruptions on South West
trains throughout December due to industrial action, which had an
impact on our London Estate.
The 2018 festive season was very strong for the Group with like
for like sales of 7%, meaning that comparatives were strong. Like
for like sales over the six-week period ending 5 January 2020 were
marginally ahead of prior year demonstrating the appeal of our
offers and endorsing the resilience of our model.
During Q4, we also completed the refurbishments of the two
former Jam Tree sites. Following some delay they reopened in
November, too late to benefit from Christmas bookings, which
impacted their profitability. Both sites will benefit from a full
years' trading in 2020 as well as better Christmas bookings.
Consequently, due to the one-off factors explained above,
adjusted EBITDA (before exceptional items) for the year ended 29
December 2019 is now expected to be slightly below market
expectations at between GBP9.1m and GBP9.2m, approximately 15%
ahead of the prior year.
The Group has a strong business model that is quick to respond
to the more normal trading conditions now prevailing. Efforts to
refocus on operating margins are already underway and this year's
performance should see the benefits of this. In addition, there are
two underperforming sites that have been earmarked and actively
marketed for disposal.
In 2020, the Company will benefit from a full years' trading
from the pubs opened in 2019 such as Aragon House, Parsons Green,
which has been the most successful pub the Company has ever opened,
the Hoste, Burnham Market, the Market House, Reading, and the Pride
of Paddington. There are also 3 large sites in development, which
will open later in the year; Turks Head, Exeter - June 2020, former
Tivoli site, Cambridge - September 2020 and former Nest site, Bath
- September 2020. The Group is focussed on completing these
development sites for trading and maximising the profitability of
the existing estate and, as previously announced, will a take
prudent and selective approach to acquisitions.
We remain confident in delivering continued growth and
performance in 2020 and beyond.
13 January 2020
Enquiries:
The City Pub Group Tel: +44 20 7559 5106
Clive Watson, Executive Chairman
Tarquin Williams, CFO
Liberum (Nomad & Joint Broker) Tel: +44 20 3100 2222
Chris Clarke / Edward Thomas
/ Clayton Bush
Berenberg (Joint Broker) Tel: +44 20 3207 7800
Chris Bowman / Toby Flaux /
Marie Stolberg
Instinctif Partners Tel: +44 (0)7831379122
Matthew Smallwood
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END
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